Many homeowners find themselves facing a tough conundrum when considering whether to make upgrades to their home:
- They very much want the upgrades, and feel that their home will be significantly improved by renovation work, but…
- … they are planning to sell their home in the relatively near future.
If you experience this problem for yourself, you’ll likely find yourself trapped between two thoughts in particular. On the one hand, you could make your preferred upgrades, allowing you to enjoy the property until you reach a point where you’re ready to sell, and then hopefully recoup the costs of the upgrades thanks to a higher selling price for the property. However, on the other hand, there is no guarantee that you will recoup the cost of the upgrades with a higher selling price, and there’s also the chance that you will make improvements that aren’t to your buyers’ taste – so a renovation could actually harm your chances of achieving a sale in future.
Finding a route through this issue
When seeking to solve this challenging conundrum, time is definitely the most important consideration.
- If you’re planning to move in the next six months, then upgrades and renovation work may not necessarily be worth it; by the time the work is complete, you may only have a few months to enjoy living in your freshly-renovated home. The work may also be costly, which will deplete your moving budget.
- If you’re planning to move in two or three years, upgrades are a more viable proposition – though the matter is far from decided, as we will explain further now…
The risks of renovation
It’s important to note that if you are planning to move at some point in the future, renovation work can be hugely time-consuming. Whenever you begin a project, there’s a chance you may not be able to sell your home until the work is complete. Unfortunately, you may find yourself in a scenario where the work overruns or causes serious issues that then have to be rectified – resulting in your property being unsaleable for far longer than you initially envisioned.
The good news is that there are ways and means around this problem; the likes of Wren Realty can buy property in any condition, and you also have the option to simply delay your plans to buy. However, you do need to be aware that renovation work does not always run as smoothly as you may hope, and factor this into your decision as to whether or not making upgrades is the right choice for you.
The final considerations
So, you don’t intend to move in the next six months, and you’re aware of the risks of upgrade and renovation projects potentially impacting your ability to move home – now, should you go ahead?
Ultimately, the choice is subjective. If you really feel the improvements will be beneficial, particularly to your home’s eventual selling price, it may be worth going ahead. However, if you’re not sure, it’s almost certainly best to err on the side of caution and save your exciting renovation plans for the home you plan to buy in the near future.